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Graham Holdings

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Graham Holdings Company
FormerlyThe Washington Post Company (1947–2013)
Company typePublic
NYSE: GHC (Class B)
S&P 400 component
ISINUS3846371041 Edit this on Wikidata
IndustryConglomerate
FoundedAugust 4, 1947; 77 years ago (1947-08-04) (as The Washington Post Company)
Washington, D.C., U.S.
Headquarters
Arlington County, Virginia
,
U.S.
Key people
ProductsMagazines
Educational Services
Television
Cable television
Electronic media
RevenueIncrease US$3.924 Billion (Fiscal Year Ended December 31, 2022)[1]
Decrease US$83.898 Million (Fiscal Year Ended December 31, 2022)[1]
Decrease US$67.08 Million (Fiscal Year Ended December 31, 2022)[1]
Total assetsIncrease US$6.582 Billion (Fiscal Year Ended December 31, 2022)[1]
Total equityIncrease US$3.752 Billion (Fiscal Year Ended December 31, 2022)[1]
Number of employees
11,500 (2015)[2]
Websitewww.ghco.com

Graham Holdings Company (formerly The Washington Post Company) is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware,[3] it was formerly the owner of The Washington Post newspaper and Newsweek magazine.

Its current holdings include the digital marketing company Code3 (formerly SocialCode);[4] online and print media entities including Slate Magazine, Foreign Policy through the FP Group, which includes Foreign Policy magazine and ForeignPolicy.com),[5] Graham Media Group (formerly Post-Newsweek Stations), a group of seven television stations; education company Kaplan; manufacturing operations including Hoover Treated Wood Products,[6] Dekko, Joyce/Dayton Corp, Forney Corporation;[7][8][9] Graham Healthcare Group, which provides home health, hospice and palliative care services through joint ventures with health systems and physicians groups[10] as well as other services; Graham Automotive, which includes eight automotive dealerships around the Washington, D.C. region; and content and marketplace company World of Good Brands (formerly Leaf Group).[11][12] Graham Holdings Company also owned cable television and internet service provider Cable One until it was spun off in 2015[13][14][15] and the now-defunct Trove (formerly WaPo Labs)—the developers of a news reader app.[citation needed]

Corporate history

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The history of Graham Holdings Company dates back to 1877, when The Washington Post was first published. The Washington Post Company was incorporated in the District of Columbia in 1889,[16] and remained a District of Columbia corporation until it changed its place of incorporation to Delaware in 2003.[17] It is a public company and its Class B common stock trades on the New York Stock Exchange under the ticker symbol GHC; it went public in 1971.

Descendants of the late Eugene Meyer (including Chairman Donald E. Graham, his sister Lally Weymouth, and the beneficiaries of various family trusts) collectively control the company through their ownership of the unlisted Class A common stock that selects 70% of the company's board of directors. As of 2014, it forms more than 90% of the family's assets.[18] Prior to 2014, Berkshire Hathaway was a substantial holder of the public Class B common stock that selects 30% of the company's board of directors, but exchanged most of that stock for WPLG-TV, one of Graham Holdings' television stations, and other assets, in 2014.[18]

Since 1950, the company had been based in the Washington Post building in Washington, D.C., which was sold off separately in 2014. Its new headquarters are at 1300 North 17th Street in Arlington, Virginia, with the choice of state motivated (according to Don Graham) by the proximity to Congress and the fact that two of the holding's activity areas, education and health care, are subject to federal regulation.[18]

In 1984, The Washington Post Company purchased Stanley H. Kaplan Education Centers, Ltd., a Brooklyn-based tutoring company which in subsequent decades would grow its footprint and expand its offerings beyond test prep to become Kaplan, Inc.[19]

On August 5, 2013, it was announced that the Washington Post Company would sell the flagship newspaper for $250 million to Jeff Bezos, founder and chief executive of Amazon.com. The Washington Post Company agreed to adopt a new corporate name once the sale was finalized. It adopted Graham Holdings Company as the new name effective November 29, 2013.[20] Amazon.com was not involved in the sale.[21] Nash Holdings LLC, a company owned by Bezos, closed the purchase of the newspaper and affiliated publications on October 1, 2013.[22][23] Graham Holdings Company retained ownership of WaPo Labs, its technology innovation group,[24] since rebranded as Trove.

In 2014, Tim O'Shaughnessy, founder of LivingSocial and a son-in-law of CEO Don Graham, joined GHC as president.[18] O'Shaughnessy became CEO in November 2015.

In November 2014, Graham Holdings said it would spin off Cable ONE as a separate, publicly traded company in 2015.[25] The spin-off was completed on July 1, 2015.[26]

In March 2018, Graham sold Kaplan University, Kaplan’s online higher education operation, to the Purdue University system, and it was rebranded Purdue University Global, a new public university to serve adult learners.[27][28]

In 2019, children's podcasting company Pinna spun out of the Slate Group as a separate Graham Holdings subsidiary.[29]

In June 2021, Graham Holdings completed their acquisition of Leaf Group, a consumer internet company,[vague] at a valuation of approximately $323 million.[30]

Holdings

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Broadcasting

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Main article: Graham Media Group

Through its Graham Media Group subsidiary (formerly Post-Newsweek Stations),[31] Graham Holdings owns a group of seven television stations. Led by chief executive officer Catherine Badalamente, the company is based in Detroit, co-located with its local NBC affiliate WDIV-TV.[32]

Stations are arranged in alphabetical order by state and city of license.

City of license / market Station Channel
TV (RF) 		Owned since Primary affiliation
Jacksonville WJXT 4 (42) 1953 Independent
WCWJ 17 (34) 2017 The CW
Orlando - Daytona Beach - Melbourne WKMG-TV 6 (26) 1997 CBS
Detroit WDIV 4 (45) 1978 NBC
Houston KPRC-TV 2 (35) 1994 NBC
San Antonio KSAT-TV 12 (12) 1994 ABC
Roanoke WSLS-TV 10 (30) 2017 NBC

Graham Holdings Company also owns several companies active in various capacities on the World Wide Web. These include The Slate Group, which publishes Slate, Slate V, ForeignPolicy.com and World of Good Brands (formerly the Leaf Group).[33][34] The Root, an online magazine focusing on African American culture, was owned by The Slate Group until Graham Holdings sold it to Univision Communications in 2015.[35] Graham Holdings Company also owns SocialCode, an advertising agency specializing in social media/ID-based marketing, and is an investor in Pinna, a children's podcast company.[36]

In November 2014, Graham Holdings Company acquired Social News Desk, a social media management platform for newsrooms, through its subsidiary, Graham Media Group.[37]

In June 2021, Graham Holdings acquired Leaf Group, a consumer internet company that runs both online consumer-orientated brands and marketplace brands.[30] In 2023, the Leaf Group was restructured to become World of Good Brands, separating Leaf’s lifestyle publishing websites – Well+Good, Livestrong, Hunker and OnlyInYourState — from its marketplace businesses, Saatchi Art and Society6.[12]

Health care

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In October 2012, the firm purchased Celtic Healthcare Inc. for an undisclosed sum. Celtic Healthcare, based in Pennsylvania, provides home health care in western, central, and northeastern Pennsylvania as well as Montgomery and Baltimore County, Maryland. It also provides home hospice services in the same areas, as well as owns a 10-bed inpatient hospice in Dunmore, Pennsylvania.[38] In 2014, it had around 558 full-time and 45 part-time employees.[18]

In 2014, Graham Holdings bought a majority stake in Troy, Michigan-based Residential Healthcare Group, the parent company of Residential Home Health and Residential Hospice, which provides at-home and on-site health care and hospice services in Michigan and Illinois.[39]

Graham Healthcare Group provides home health, hospice and palliative care services through joint ventures with health systems and physicians groups. The subsidiary designs business and technology solutions[buzzword] aimed at streamlining hospice and home health operations and improving quality of care. Graham Healthcare Group includes Residential Healthcare Group, Allegheny Health Network-Healthcare @ Home, Mary Free Bed at Home, Clarus and InTeliCare.[10]

Graham Healthcare Group also operates a nationwide specialty pharmacy licensed in 38 states that serves patients suffering from chronic illness through its Clinical Specialty Infusions, LLC (CSI Pharmacy) business located in Texarkana, Texas. Through its Clarus Care, LLC (Clarus) business in Nashville, Tennessee, GHG provides call management solutions[buzzword] to physician groups and hospitals.[40]

Manufacturing

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In July 2013, Graham Holdings purchased Forney Corp. for an undisclosed sum. The company, which is based in Addison, Texas, manufactures equipment that monitors and controls the combustion of coal, natural gas, and other materials. This equipment is sold to electric utilities for use in power generation plants.[41]

In June 2014, Graham Holdings acquired Joyce/Dayton Corp., a Dayton, Ohio-based manufacturer of screw jacks and other linear-motion systems.[42]

In November 2015, Graham Holdings acquired Group Dekko, a Garrett, Indiana-based electrical manufacturer.[43]

In 2017, Graham acquired Hoover Treated Wood Products, Inc, a supplier of lumber and plywood products for fire retardant and preservative applications.[44]

In May 2020, Graham Holdings announced that it had acquired Framebridge.[45]

Restaurants

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In July 2019, Graham Holdings acquired Clyde's Restaurant Group, the owner and operator of several restaurants in the Washington metropolitan area, including Old Ebbitt Grill.[46]

Automotive

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In January 2019, Graham Holdings acquired 90% of two automobile dealerships from Sonic Automotive.[47] The company's latest acquisition — its fourth auto dealership to date — is located at 8820 Centreville Road in Manassas. Christopher J. Ourisman of Ourisman Automotive will operate and manage the dealership, which the Arlington holding company purchased from the Battlefield Automotive Group. Terms of the deal were not disclosed.[48]

Education

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In 1984, Graham Holdings (then The Washington Post Company), acquired Stanley H. Kaplan Educational Centers.[19] In the 1990s, the company expanded abroad and grew beyond test preparation, expanding its training and publishing businesses, diversifying into English language training, higher education, pathways programs, online learning and other services. It launched the first online law school, Concord Law School, in 1998.[49] Over the years, it has purchased several other educational companies and schools worldwide, expanding its operations and delivery of courses and programs in key markets beyond North America including the UK,[50] Ireland,[51] Singapore,[52] Australia, and New Zealand.[53]

Kaplan today offers a variety of test preparation, professional training, career development, language training, university and student support services.[54]

Kaplan has over 10,000 employees in 27 countries, and partners include more than 12,000 businesses and 4000 educational institutions.[54]

See also

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References

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  1. ^ a b c d e "Graham Holdings Company 2022 Annual Report". Graham. December 31, 2022. Retrieved August 30, 2023.
  2. ^ "2015 Annual Report". Graham Holdings Company.
  3. ^ "EDGAR Search Results". sec.gov. Retrieved May 29, 2020.
  4. ^ "SocialCode Announces Rebranding, Changes Name to Code3". prnewswire.com. 22 October 2020. Retrieved 18 April 2024.
  5. ^ "FP Live". foreignpolicy.com. Retrieved 18 April 2024.
  6. ^ "Graham Holdings closes purchase of Hoover Treated Wood Products". seekingalpha.com. 3 April 2017. Retrieved 18 April 2024.
  7. ^ "Group Dekko Acquired". insideindianabusiness.com. 7 November 2015. Retrieved 18 April 2024.
  8. ^ "Joyce Dayton Corp. Announces Plans to Expand Portland, Indiana Plant and Add Jobs to Support Increased Product Demand". mercercountyoutlook.net. 21 November 2023. Retrieved 18 April 2024.
  9. ^ Steven Mufson,"The Washington Post Co. buys control systems supplier Forney". washingtonpost.com. 18 July 2013. Retrieved 18 April 2024.
  10. ^ a b Holly Vossel,"Graham Healthcare Group Moves Into Florida Market with InTeliCare Acquisition". hospicenews.com. 20 December 2021. Retrieved 18 April 2024.
  11. ^ Ana Lucía Murillo,"Auto dealerships help to fuel Graham Holdings' growth. It just bought two more". bizjournals.com. 8 July 2022. Retrieved 18 April 2024.
  12. ^ a b Sara Fischer,"Graham Holdings' Leaf Group restructures as World of Good Brands". axios.com. Retrieved 18 April 2024.
  13. ^ Vossel, Holly (2021-12-20). "Graham Healthcare Group Moves Into Florida Market with InTeliCare Acquisition". Hospice News. Retrieved 2024-03-29.
  14. ^ Mufson, Steven (2023-05-18). "The Washington Post Co. buys control systems supplier Forney". Washington Post. ISSN 0190-8286. Retrieved 2024-03-29.
  15. ^ Lucía Murillo, Ana (2022-07-08). "Auto dealerships help to fuel Graham Holdings' growth. It just bought two more". www.bizjournals.com. Retrieved 2024-03-29.
  16. ^ District of Columbia Corporation records show the original Washington Post Company was registered as a domestic corporation in 1889 Archived June 20, 2009, at the Wayback Machine
  17. ^ District of Columbia Corporation records show the original D.C.-based corporation's charter was revoked in 2003 and replaced by a Delaware-based foreign corporation Archived June 20, 2009, at the Wayback Machine.
  18. ^ a b c d e Graham Holdings: 2014 Annual Report (available on GHCO.com)
  19. ^ a b David A. Vise,"Post to Buy Educational Prep Firm". washingtonpost.com. 20 November 1984. Retrieved 18 April 2024.
  20. ^ Wilgoren, Debbi. "Washington Post Co. Renamed Graham Holdings Company to Mark Sale of Newspaper." Washington Post. November 18, 2013. Accessed November 18, 2013.
  21. ^ Farhi, Paul (August 6, 2013). "Washington Post to be sold to Jeff Bezos, the founder of Amazon". Washington Post. Retrieved August 6, 2013.
  22. ^ Fahri, Paul (October 1, 2013). "The Washington Post Closes Sale to Amazon Founder Jeff Bezos". The Washington Post. Washington, D.C. ISSN 0190-8286. Retrieved October 1, 2013. Bezos's $250 million purchase was completed as expected with the signing of sale documents. The signing transfers the newspaper and other assets from The Washington Post Co. to Nash Holdings, Bezos's private investment company.
  23. ^ Clabaugh, Jeff (October 1, 2013). "Jeff Bezos Completes Washington Post Acquisition". Washington Business Journal. American City Business Journals. Retrieved October 1, 2013. Amazon founder Jeff Bezos is now officially the head of a newspaper, completing his $250 million acquisition of the Washington Post's publishing business Tuesday afternoon.
  24. ^ "What is WaPo Labs?" – via www.washingtonpost.com.
  25. ^ Clabaugh, Jeff (November 13, 2014). "Graham Holdings to spin off cable business". Washington Business Journal. Retrieved November 13, 2014.
  26. ^ "Graham Holdings Completes Spin-off of Cable ONE". Business Wire. July 2015. Retrieved August 2, 2015.
  27. ^ Kirk Carapezza,"Purdue's Mitch Daniels On Kaplan Acquisition". wgbh.org. 23 March 2018. Retrieved 18 April 2024.
  28. ^ "Bangert: Year of controversy later, online Purdue Global goes live". Journal & Courier. Retrieved February 6, 2020.
  29. ^ "Kids podcaster Pinna is leaving the crib and ready to take its first steps solo".
  30. ^ a b "Graham Holdings Completes Acquisition of Leaf Group Ltd" (Press release). June 14, 2021. Archived from the original on June 14, 2021.
  31. ^ "Washington Post's former TV arm changes name to Graham Media Group". Chicago Tribune. July 28, 2014. Retrieved July 28, 2014.
  32. ^ "Graham Media Group Headquarters Returns To Detroit". TV NewsCheck. June 8, 2022. Retrieved June 8, 2022.
  33. ^ Kayleigh Barber,"Media Briefing: Why Leaf Group spun off its media arm into a standalone company". digiday.com. 1 June 2023. Retrieved 18 April 2024.
  34. ^ "The Washington Post Company Announces The Slate Group." Washington Post. June 4, 2008.
  35. ^ Bond, Shannon (May 21, 2015). "Univision buys African-American news site The Root". Financial Times. ISSN 0307-1766. Retrieved May 24, 2015.
  36. ^ "Realm Buys Kid Podcaster Pinna And Pod Network Lipstick & Vinyl; Also Signs Ad Deals". podcastnewsdaily.com. 2 April 2023. Retrieved 18 April 2024.
  37. ^ "Graham Media Group Buys Social Media Startup". www.adweek.com. 19 November 2014. Retrieved July 23, 2018.
  38. ^ Clabaugh, Jeff. "Washington Post Enters Hospice Business With Purchase of Celtic Healthcare." Washington Business Journal. October 1, 2012. Accessed November 18, 2013.
  39. ^ Harrison, J.D. "Graham Holdings wades deeper into residential health care business." Washington Post. July 3, 2014. Accessed October 17, 2015.
  40. ^ "Graham Healthcare Capital Acquires CSI Pharmacy clinical specialty Infusions". mergr.com. Retrieved 18 April 2024.
  41. ^ Clabaugh, Jeff. "Washington Post Buys Utility Products Company." Washington Business Journal. July 18, 2013. Accessed November 18, 2013.
  42. ^ "Graham Holdings acquires Joyce/Dayton Corp." Today's Energy Solutions. June 2, 2014. Archived March 4, 2016, at the Wayback Machine Accessed October 17, 2015.
  43. ^ "Graham Holdings Acquires Group Dekko." Business Wire. November 13, 2015. Accessed June 19, 2016.
  44. ^ Garabelli, Veronica (2017-03-29). "Graham Holdings acquiring Hoover Treated Wood Products Inc". Virginia Business. Retrieved 2024-03-29.
  45. ^ "Graham Holdings Acquires Framebridge." Citybizlist. May 15, 2020. Accessed 2020-16-05.
  46. ^ Maynard, Michelle (August 1, 2019). "From News To Nightcaps: Washington's Graham Family Buys The Clyde's Group". Forbes.
  47. ^ "Graham Holdings Company Acquires Two Automotive Dealerships." Business Wire. January 31, 2019. Accessed February 18, 2020.
  48. ^ Murillo, Ana Lucía (3 January 2022). "Graham Holdings expands its network of auto dealerships". Retrieved 2 March 2023.
  49. ^ "Kaplan Launches Institution Offering On-Line Law Degree". wsj.com. Retrieved 18 April 2024.
  50. ^ "Kaplan Financial: Reaching gold standard is no job for the faint-hearted". ft.com. Retrieved 18 April 2024.
  51. ^ "Dublin Business School Now Offering Free Ict Skills Courses In Conjunction With Microsoft". irishtechnews.ie. 18 September 2017. Retrieved 18 April 2024.
  52. ^ "Kaplan sets up advisory boards to help align courses with national needs and industry trends". straitstimes.com. 26 July 2017. Retrieved 18 April 2024.
  53. ^ "New financial advice diploma launched". mpamag.com. Retrieved 18 April 2024.
  54. ^ a b "Graham Holdings Annual Reports". ghco.com. Retrieved 18 April 2024.
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